WHEREAS, The U.S. Conference of Mayors has identified
the need for greater investment in American infrastructure to create, repair,
and replace interstate and local transportation networks, including rail,
roads, sidewalks, bridges, and water systems; and

WHEREAS, infrastructure
investment should also include strategic investments in buildings, parklands,
as well as human capital; and

WHEREAS, studies have
shown that pedestrian and bicycle infrastructure projects create about 11-14
jobs per $1 million of spending while road infrastructure projects create about
7 jobs per $1 million; and

WHEREAS, the federal
government in recent years has not provided the financial resources to provide
localities with much needed improvements; and

WHEREAS, this lack of
federal support has left the United States with more than 70,000 bridges in
need of repair, close to half of U.S. roads in inadequate condition, and; and

WHEREAS, in 2008, the
World Economic Forum ranked United States infrastructure among the 10 best in
the world. By 2011, that ranking dropped to 24th, behind almost all major
European nations, Singapore, Australia, and Canada; and

WHEREAS, local municipal
leaders have been left to take on rebuilding infrastructure with local funds;
and

WHEREAS, establishing
local infrastructure banks would provide crucial funding for national projects
that would not only yield local benefit, but also create thousands of jobs and
stimulate the U.S. economy; and

WHEREAS, mayors in cities
like Chicago have created local infrastructure banks to compensate for the lack
of federal resources; and

WHEREAS, Chicago has
proposed creating an infrastructure trust, which will be funded by investments
from private investment companies in partnership with the city, not requiring
an increase in taxes, funding not only transportation projects, but also energy
efficient projects and local recreation areas.

NOW, THEREFORE, BE IT
RESOLVED, that the U.S. Conference of Mayors supports local infrastructure
banks that are necessary to help revitalize local public works projects; and

BE IT FURTHER RESOLVED
that the U.S. Conference of Mayors urges Congress to appropriate funds to
supplement local infrastructure projects.